CBDC software reality

There is a lot of talk about upcoming CBDC rollout in many countries, US, UK, countries in EU, obviously china etc.

Basically every central bank entity is looking at CBDC as way out of their regarded monetary and fiscal policies, proverbial kicking the can further down the road.

Politicians think, that problems of FIAT systems are not problems of actual system, but rather implementation inadequacy or "we need to double down and make system better"

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System at current form is "designed" to be network of government issued certified authorities, basically every bank has to come to government body and ask for licence.

Banks are ultra regulated money printing machines with blessing of your government.

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Now, this system is very archaic on software level, banks are still running mainframe machines for their mission critical code.

This is ironically not an huge issue as if one bank goes under, majority of other banks are still operating, you can still pay for your groceries with different credit card or even with cash.

So system is definitely not viable for myriad of reasons, but it's robust enough to not drag whole economy if it goes down.

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Banks are interconnected through the Swift messaging system (some are also additionally connected via custom protocols).

You can think about it as bank chat room, where banks send each other messages about inter-bank transfers.

Not a clearing system, just a messaging system.

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The government wants to cut all these systems out of picture and sit between every bank acting as clearing house and money printer.

CBDC will force current banks to connect to central entity and let politician led authority to run whole fiat network.

Even if we ignore obvious societal problems, political views and all the vindictive shit US government can and definitely will do against anyone who they decide is enemy.

Even if we ignore that FIAT systems are unstable and lets not talk about core fundamentals.

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All of that is taking into account completely impenetrable, critically bug-free software system.

This is imo biggest real threat of CBDC.

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The arrogance of central planners is they can design and run system, which if goes down for 24h, whole country will get rekt.

Imagine in order to kill whole country you just turn of CBDC or keep it under DDoS attack for a week.

Imagine level of corruption, where local CBDC authorities will be editing balances for their buddies.

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Government is not capable of doing basic IT.

Even if they hire all software companies to design that shit, all the best SW corporations are getting hacked all the time.

This will be security nightmare.

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Politicians does not understand that damage can be done instantly and completely.

They are operating in mindset of what is "law".

"Hacking CBDC is illegal" is their way of preventing attacks.

They think they will protect biggest honeypot in human history by waving baton in air.

Sorry, but software does not care about laws and in time they catch attacker, damage will be done.

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This is why politics does not mix with reality.

They can afford to live in dreamworld, but citizens will be one who pays the price of their incompetency and arrogance.